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it would also extend unemployment insurance benefits and stave off some of those deep spending cut that is are set to go in to effect and essentially mirrors what president obama outlined when he addressed the nation before leaving for the what ryan holiday. white house officials being very tight lipped of what specifically the president is going to do and will not confirm to put this smaller deal on the table so i think we're going to have to wait until the meeting wraps up for the specifics but speaking to republican aides with the house who say that this still rests with the senate, that republicans in the house are waiting to see what the senate will do before they weigh in on a deal that may or may not be offered today so really, craig, the ball in the senate's court. >> all right. thanks to you. >>> today's "news nation gut check. the fiscal cliff specifically an article today of "why they want to go over the cliff." there's the article. he writes in part, for many republicans a cliff dive is blaming president obama for a big tax hike in the short term and then voting to cut taxes
it would also extend unemployment insurance benefits and stave off some of those deep spending cut that is are set to go in to effect and essentially mirrors what president obama outlined when he addressed the nation before leaving for the what ryan holiday. white house officials being very tight lipped of what specifically the president is going to do and will not confirm to put this smaller deal on the table so i think we're going to have to wait until the meeting wraps up for the specifics...
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republicans blame president obama for the collapse of a bigger deal that would have cut spending and reduced the country's debt. >> it is the president's responsibility to lay out a plan and to bring people together but it's a total dereliction of duty and a lack of courage to deal with the issues. >> it rests in the hands of the senate. >>> president obama is scheduled to give an update on the fiscal cliff within the next 15 minutes. when that happens, we will join him live for that announcement. >> for more on the fiscal cliff and what it could moon for your pay, we got you covered. just head to our home page for a breakdown of different scenarios in washington, what it could moan for your money. for more on the fiscal cliff and a heated debate, check out an all brand-new episode of square off. the round table discussion airs right here on abc2 at 11 on sunday morning. >>> continuing coverage in the planned port strike. dock workers have been working on an expired contract. today the u.s. marry time alines and the long shoring association have agreed to a 30 day extension allowing
republicans blame president obama for the collapse of a bigger deal that would have cut spending and reduced the country's debt. >> it is the president's responsibility to lay out a plan and to bring people together but it's a total dereliction of duty and a lack of courage to deal with the issues. >> it rests in the hands of the senate. >>> president obama is scheduled to give an update on the fiscal cliff within the next 15 minutes. when that happens, we will join him...
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on spending cuts president obama proposed $1.2 trillion, about equal to what he was asking in revenue. boehner passed draconian spending cuts in the house with no revenue component. on extended unemployment insurance, another check for the president. nada for boehner. on the debt limit president obama proposed a structure similar to what republican leader mitch mcconnell proposed last year. boehner wants to hold the nation's full faith and credit hostage once again to attain even more spending cuts. president obama even threw in an added incentive for republicans, by agreeing to a change in the way social security increases are calculated. no such olive branch was ever extended by republicans. get your cell phones out. i want to know what you think. tonight's question, is john boehner's move to reconvene the house a face-saving political move or a genuine effort to reach a deal? text a for political. text b for genuine effort. to 622639. or go to our blog at.msnbc.com. i'll bring you the results later in the show. joining me now is legendary congressman charlie rangel of new york. con
on spending cuts president obama proposed $1.2 trillion, about equal to what he was asking in revenue. boehner passed draconian spending cuts in the house with no revenue component. on extended unemployment insurance, another check for the president. nada for boehner. on the debt limit president obama proposed a structure similar to what republican leader mitch mcconnell proposed last year. boehner wants to hold the nation's full faith and credit hostage once again to attain even more spending...
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if you look at spending cuts first, barack obama has basically moved about $325 billion on spending and speaker boehner, according to the last real public offer, has moved about $350 billion. i think it is fair to say had both moved relatively equally. but if you turned to tax increases, obama has already moved from, again the last public real offer $355 billion while boehner's moved only $150 billion. less than half. and then finally, and i want to go to you to unpack this. the stimulus money. this is not to be forgotten. we are in a recession. and many economists say that whatever else you do with long-term entitlement reform which is real, another real thing is growing the economy. obama has moved $250 billion. the number that boehner has moved on that stimulus is zero from the last final comprehensive offer. what do you make of that pacting that we are not mere the 50-yard line anymore? >> we also add that not only has boehner month moved, he can't get his own caucus to vote on the plan he brought forward. we are not only talking about symbolic gestures here, we are talking about so
if you look at spending cuts first, barack obama has basically moved about $325 billion on spending and speaker boehner, according to the last real public offer, has moved about $350 billion. i think it is fair to say had both moved relatively equally. but if you turned to tax increases, obama has already moved from, again the last public real offer $355 billion while boehner's moved only $150 billion. less than half. and then finally, and i want to go to you to unpack this. the stimulus money....
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both president obama and speaker boehner have already begun to do a principle compromise. speaker boehner said i'm ready to raise taxes on those over a million dollars. president obama said i'm ready to have a new type of chain to consumer price index which -- impacts entitlement reform. the bipartisan national debt commission, simpson-bowles commission, said for every dollar of spending reduction, including the entitlement reform we immediate to have $1 in tax revenue. that's the principle compromise we have to have. so they are not far off. what we have to have is very simple. $4 trillion in debt reduction by this one-third, two-third division. because that gives us a sustainable debt to gdp ratio so the economy can go booming again. so i believe those two men have the economies of our nation best at heart and have to come a little closer and a little $500 billion sounds like a lot. $2.5 trillion. we have to do both to have a principled come prom nice quickly, both of you, i start with you, do you think something gets done in the next few days? >> i'm afraid say that i d
both president obama and speaker boehner have already begun to do a principle compromise. speaker boehner said i'm ready to raise taxes on those over a million dollars. president obama said i'm ready to have a new type of chain to consumer price index which -- impacts entitlement reform. the bipartisan national debt commission, simpson-bowles commission, said for every dollar of spending reduction, including the entitlement reform we immediate to have $1 in tax revenue. that's the principle...
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so in every category since obama won the election he has moved further toward boehner thafrn boehner tarred him. yet it's boehner who walked away from the talks with his plan b, who failed to pass it and said it's the senate's problem now. democrats won more votes at presidential level, senate level and house level. boehner is speaker today because of the way the districts are drawn. but his arguments did not win. and yet he's not really moved. i don't think you can look at the last three years and sate white house has not tried to come together with republicans. i also don't think you can look at the last three years and say the republicans have tried to come together with the white house. and so here is what is supposed to happen. the american people who overwhelmingly say they want compromise, who say they want a plan similar to what the house is offering, a plan that raises taxes on the rich and cuts spending, they're supposed to punish the republicans for not compromising. and arguably they did that this year. democrats won the election. but what's weird is at the elite level an
so in every category since obama won the election he has moved further toward boehner thafrn boehner tarred him. yet it's boehner who walked away from the talks with his plan b, who failed to pass it and said it's the senate's problem now. democrats won more votes at presidential level, senate level and house level. boehner is speaker today because of the way the districts are drawn. but his arguments did not win. and yet he's not really moved. i don't think you can look at the last three years...
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president obama and house speaker boehner had been initially working on. this is going to be a much more scaled back version of a bill. just to sort of get over this hump. so i think that right now all parties believe that is really the main hope for getting something done, but you're absolutely right. the same sticking points remain, and that is going to be the problem moving forward over these next 24 hours. i think the pressure point comes when the markets have already started to react and, of course, if they fail to get a deal done by that all-important january 1st deadline, really everyone is going to be blamed for it. of course, the polls show that republicans will be blamed the most, but ultimately president obama will have to share some of that blame as well. so i think that right now that pressure point is one of the motivating factors in getting something done. >> kristin, stay with us. i just want to bring in joy reid from the grio and robert costa from "national review." we have just a brief moment before the president comes on here. robert, i
president obama and house speaker boehner had been initially working on. this is going to be a much more scaled back version of a bill. just to sort of get over this hump. so i think that right now all parties believe that is really the main hope for getting something done, but you're absolutely right. the same sticking points remain, and that is going to be the problem moving forward over these next 24 hours. i think the pressure point comes when the markets have already started to react and,...
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in the end, obama beat romney by ten points. on the economic values question that was this, which candidate is more in touch with people like you. 53% said romney's polauolicies d favor the rich. just 10% said that about the president's policies. and romney, the first republican nominee in the history of our poll to go into a convention with his personal rating under water and campaign with a painful number, just 47% of voters viewing him positively. the obama campaign was also able to get more bang for the buck because they bought ads early and they were careful about where to buy the ads. in the last week, they paid $5 fif 50 for a single ad in raleigh. the romney campaign had to pay $2,665 for the same ad. >> lesson two, the republican brand needs a hard look. the gop's favorable rating has been under water for two years, since december 2010. if you take that out, it's been nearly five years. in our final full poll before the election, just 36% of voters said they had a positive view of the republican party. the democratic pa
in the end, obama beat romney by ten points. on the economic values question that was this, which candidate is more in touch with people like you. 53% said romney's polauolicies d favor the rich. just 10% said that about the president's policies. and romney, the first republican nominee in the history of our poll to go into a convention with his personal rating under water and campaign with a painful number, just 47% of voters viewing him positively. the obama campaign was also able to get more...
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with just five days until the country tumbles into automatic tax hikes and spending cuts the president has scheduled a meeting. danielle nottingham on the efforts. >> reporter: top congressional leaders are expected to meet with president obama at the white house friday. this would be the group's first face to face meeting since november 16th and a last minute chance to avoid the so-called fiscal cliff. if no deal is reached taxes will go up for nearly every american and harsh spending cuts will kick in on january 1st. senators reconvened on thursday with tension spilling over on to the floor. >> speaker boehner is unwilling to negotiate. there's nothing happening. >> the phone never rang and so now here we are five days from the new year and we might finally start talking. >> reporter: senate majority lyddite harry reid skewered house speaker john boehner, charging he's more interested in his leadership position than in bipartisan legislation. >> the speaker's number one goal is to get elected speaker on january 3rd. >> reporter: the two sides are at odds over tax cuts and spending. r
with just five days until the country tumbles into automatic tax hikes and spending cuts the president has scheduled a meeting. danielle nottingham on the efforts. >> reporter: top congressional leaders are expected to meet with president obama at the white house friday. this would be the group's first face to face meeting since november 16th and a last minute chance to avoid the so-called fiscal cliff. if no deal is reached taxes will go up for nearly every american and harsh spending...
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spending cuts and tax hikes that will bite if lawmakers fail to come up with a plan. >> pessimism remains the prevailing mood in washington as the january deadline rapidly approaches. neither democrats nor republicans have any new proposals for a workable compromise. >> the starbucks coffee chain has urged its workers in washington, d.c., area to write "come together" on the cups, a plea for party leaders to work out a compromise, but some customers say that is not enough. >> i mean, i like with starbucks is riding on the cups. i wish they would write, like, something else, like "republicans, stop being stupid." >> i think the solution will probably be neutered and not very effective, but ultimately, i think they will avoid the fiscal cliff. >> but neither side appears willing to give in. democrats, for example, are frustrated that republicans will not agree to raise taxes on the wealthy. >> the majority of rich people in our great country are willing to pay more. the only people who disagree with that are republicans who work in this building. >> republicans say that democrats want to sp
spending cuts and tax hikes that will bite if lawmakers fail to come up with a plan. >> pessimism remains the prevailing mood in washington as the january deadline rapidly approaches. neither democrats nor republicans have any new proposals for a workable compromise. >> the starbucks coffee chain has urged its workers in washington, d.c., area to write "come together" on the cups, a plea for party leaders to work out a compromise, but some customers say that is not enough....
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president barack obama has broken off his christmas vacation to resume talks on the so-called fiscal cliff, taxes and spending cuts unless democrats and republicans reach a deal by new year's eve. >> nearly all the major players in those negotiations are starting to agree on one thing, and that is that a deal is virtually impossible by that deadline. senior officials say there is little hope of a grand bargain to shave trillions of dollars off of america's mountain of debt. >> applause for the bell at the start of the trading day is a daily ritual at the new york stock exchange, despite the enthusiasm, traders are keeping an anxious eye on share prices. the fiscal cliff is on everyone's mind. u.s. treasury secretary timothy geithner has warned that his department will need to take extraordinary measures to postpone the upcoming government defaults. he plans adjustments to the national budget that would give the u.s. two months of grace. president barack obama has said he is still hopeful that a resolution can be reached this year. he cut short his vacation in hawaii to restart negoti
president barack obama has broken off his christmas vacation to resume talks on the so-called fiscal cliff, taxes and spending cuts unless democrats and republicans reach a deal by new year's eve. >> nearly all the major players in those negotiations are starting to agree on one thing, and that is that a deal is virtually impossible by that deadline. senior officials say there is little hope of a grand bargain to shave trillions of dollars off of america's mountain of debt. >>...
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is sliding ever closer to what has become known as the fiscal cliff with barack obama hosting another last minute emergency meeting today for weeks the republicans and democrats have been trying to reach a deal on how to reduce the national deficit if they don't billions of dollars in tax spending cuts sort of magically come into effect on january the first activist and journalist says it's not the deadlock that bothers him but rather what has already been agreed upon. the real problem in my eyes is not the fact that they can't reach an agreement but rather that they have reached an agreement on many fundamental things the grievance they have reached is that neither of them are going to advocate to put more money in the hands of working people they have no problem whatsoever removing a trillion dollars or two trillion dollars from the economy and delivering it to the bankers they did that inside of twenty days back in two thousand and eight and again in two thousand and nine was very little discussion. everyone agrees on both sides of the aisle that sums sort of reduction in benefits
is sliding ever closer to what has become known as the fiscal cliff with barack obama hosting another last minute emergency meeting today for weeks the republicans and democrats have been trying to reach a deal on how to reduce the national deficit if they don't billions of dollars in tax spending cuts sort of magically come into effect on january the first activist and journalist says it's not the deadlock that bothers him but rather what has already been agreed upon. the real problem in my...
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is more to blame for not agreeing to more spending cuts and 15% blame both sides. joining us now from new york, julie riganski, a democratic strategist and here in washington, steven moore, a member of the "wall street journal" editorial board. sesteven, let's start with you. great to hear harry reid on this. the last time i checked the do so called proposal that a he put forth in july didn't really receive any support and only dealt with tax increases. it wasn't a comprehensive deal and didn't involve real spending cuts it was just raise tax and it went no where. for him to blame republicans, come on. >> don't forget, it has been 13 hyundais since hair arery reid even passed a budget out of the united states senate. we don't even know what the united states senators stand for in terms of the budget debate. the same thing on taxes. the house actually passed a lot of people don't know that earlier this year the house passed a bill to extend all of the bush era tax cuts for another year until resolve the issue. the senate again didn't act on that. the grave yard of t
is more to blame for not agreeing to more spending cuts and 15% blame both sides. joining us now from new york, julie riganski, a democratic strategist and here in washington, steven moore, a member of the "wall street journal" editorial board. sesteven, let's start with you. great to hear harry reid on this. the last time i checked the do so called proposal that a he put forth in july didn't really receive any support and only dealt with tax increases. it wasn't a comprehensive deal...
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and spending cuts set to kick in next week. keith russell with more on the budget talks that ended about 45 minutes away. >> jim, the meeting started at 3:10 and ended at 4:15. the four congressional leaders left without speaking to the media. with $600 billion in tax hikes set to take effect new year's day. senior advisers said the president was set to make a small offer with the full support of reid and pelosi. nbc news has learned that a previous offered made by the president, the one that involved a tax increase for only those earning more than $400 is off the table. advisers say that was part of a bigger proposal that speaker boehner did not accept. it looks like the current proposal goes back to raising taxes on those who make more than $250,000. the proposal known as plan b didn't work. it will remain to be seen if the smaller plan will. either way the countdown to the if you year could be very costly. >> i'm hopeful that a deal will avoid the worst parts of a fiscal live cliff. >> the tax increases need to be averted, a
and spending cuts set to kick in next week. keith russell with more on the budget talks that ended about 45 minutes away. >> jim, the meeting started at 3:10 and ended at 4:15. the four congressional leaders left without speaking to the media. with $600 billion in tax hikes set to take effect new year's day. senior advisers said the president was set to make a small offer with the full support of reid and pelosi. nbc news has learned that a previous offered made by the president, the one...
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. >> look at his level of spending. stuart: look at $1 trillion deficit every year the last four years. >> the budget control act koch $1.5 trillion in spending. stuart: don't you get it? >> over ten year period. [talking over each other] stuart: i insist on this. president obama's plan cuts the deficit, it does not. it restrict future increases in the deficit. it is in the $24 trillion debt in 2015 will only be $20 trillion. [talking over each other] stuart: address the question. [talking over each other] >> let me answer you. we have a fundamental disagreement whether in a situation like this when the economy is of whether the government needs to cut spending. i do not believe it does. you believe it does. we have a fundamental difference how to proceed forward. stuart: what we need more than anything else is to stimulate the private sector and you don't do that with more spending and we need to control long-term entitlement spending. we have to reform entitlement programs. that would fix things. stuart: i agree with
. >> look at his level of spending. stuart: look at $1 trillion deficit every year the last four years. >> the budget control act koch $1.5 trillion in spending. stuart: don't you get it? >> over ten year period. [talking over each other] stuart: i insist on this. president obama's plan cuts the deficit, it does not. it restrict future increases in the deficit. it is in the $24 trillion debt in 2015 will only be $20 trillion. [talking over each other] stuart: address the...
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both parties to try and hammer out a deal avoiding the tax hikes and crippling spending cuts. remember analysts say falling off the fiscal cliff could drive the u.s. into another recession. more than a month has passed since the last time they got together. the obama administration called that mid another meeting constructive but there has been little to no progress. today lawmakers on both sides of the aisle tried to strike an optimistic tone. >> millions of americans are out there struggling and certainly they deserve a congress that will avoid going over the fiscal cliff, which is why the president has been working hard to bring leaders together. >> we can't continue to kick the can down the road with half measures. i think the market will respond in a permanent and negative way to our inaction. >> the chairman of the senate finance committee says it comes down to this meeting adding i wish them luck. it would be a great new year's present for the country. ed henry, how pivot the is the meeting? >> we're on the verge of the biggest tax increase since world war ii. that's ho
both parties to try and hammer out a deal avoiding the tax hikes and crippling spending cuts. remember analysts say falling off the fiscal cliff could drive the u.s. into another recession. more than a month has passed since the last time they got together. the obama administration called that mid another meeting constructive but there has been little to no progress. today lawmakers on both sides of the aisle tried to strike an optimistic tone. >> millions of americans are out there...
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obama has stimulus spending built in. they are not far apart. [ overtalk ] >> eric: boehner can get $1 million and below -- just dance is because -- listen, you can't blame that on democrats. republicans would not come in -- >> andrea: how dare they do that to a guest. >> disgusted. >> kimberly: welcome to the program. >> we're out of time now. >> kimberly: time for a word from our sponsors. political fall-out. people are saying, blame the democrats and republicans. the democrats are winning the messaging here. who is to blame? >> correct me if i'm wrong. conventional wisdom is when all is said and done, obama will look well. what he doesn't care about is the popularity boost in the polls. what the president cares sabt the legacy. what happens when it's said and done, if the economy tankss and blows it, that is part of the legacy. >> juan: that is exactly right. >> kimberly: invested in getting something done here. >> eric: that is what they want everyone to believe if they get something done it's better for the economy.
obama has stimulus spending built in. they are not far apart. [ overtalk ] >> eric: boehner can get $1 million and below -- just dance is because -- listen, you can't blame that on democrats. republicans would not come in -- >> andrea: how dare they do that to a guest. >> disgusted. >> kimberly: welcome to the program. >> we're out of time now. >> kimberly: time for a word from our sponsors. political fall-out. people are saying, blame the democrats and...
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the ballast planned and cut spending in a responsible way that would also ask the wealthiest americans to pay a little more. i still want to get this done. it is the right thing to do for families, our businesses, and our entire economy. but the allure for immediate action is here. -- hour for immediate action is here. in just a four days, every american's tax rates are scheduled to go up by law. every american's paycheck will get considerably smaller. that would be the wrong thing to do for our economy. it would be bad for middle-class families, and it would be bad for businesses that depend on family spending. fortunately, congress can prevent it from happening if the act right now. i just had a good and constructive discussion here in the white house with senate and house leadership about how to prevent the tax hike on the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreement is not reached in time, between senator reid and senator mcconn
the ballast planned and cut spending in a responsible way that would also ask the wealthiest americans to pay a little more. i still want to get this done. it is the right thing to do for families, our businesses, and our entire economy. but the allure for immediate action is here. -- hour for immediate action is here. in just a four days, every american's tax rates are scheduled to go up by law. every american's paycheck will get considerably smaller. that would be the wrong thing to do for...
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obama never even put spending cuts on the table. he's putting spending increases on the table for another round of solyndra stimulus spending. he was willing to save money, $1 trillion, but not occupying iraq for the next decade. they kicked him out of the country a little while ago, but he wanted to count that like not continuing the war of 1812 as his budget cut. >> don't you feel though we're at such a fiscal crisis situation that there needs to be compromise on both sides though? there has to be some give to get something done? >> oh, absolutely. look, the republicans passed the ryan plan which saves $6 trillion over the next decade. reforms entitlements. reforms taxes. what we need is some spending restrai restraint. maybe we don't get all $6 trillion that the republicans were tough enough and strong enough and brave enough and courageous enough and serious enough to pass a budget. you talked about harry reid picking on me. harry reid suggesting that i'm the reason they haven't done anything is a little bit silly. he ought to l
obama never even put spending cuts on the table. he's putting spending increases on the table for another round of solyndra stimulus spending. he was willing to save money, $1 trillion, but not occupying iraq for the next decade. they kicked him out of the country a little while ago, but he wanted to count that like not continuing the war of 1812 as his budget cut. >> don't you feel though we're at such a fiscal crisis situation that there needs to be compromise on both sides though?...
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, with five days left until the fiscal cliff of tax hikes and spending cuts. the house planned to reconvene on sunday evening. a christmas season storm rolled through the northeast and new england, as the death toll climbed to 16. and lisa jackson announced she's stepping down as administrator of the environmental protection agency. and online, we've got a unique year-in-review of sorts. kwame holman has more. >> holman: science correspondent miles o'brien has had a most interesting 2012. he's crawled in sewage, cuddled with dolphins and played guinea pig to lots of experiments. watch some of the best outtakes of miles' science stories on the rundown. and we round up the most important lessons we've learned about helping kids stay in school from our series, american graduate. all that and more is on our web site newshour.pbs.org. margaret? >> warner: and that's the "newshour" for tonight. i'm margaret warner. >> brown: and i'm jeffrey brown. we'll see you online and again here tomorrow evening with mark shields and david brooks among others. thank you and good
, with five days left until the fiscal cliff of tax hikes and spending cuts. the house planned to reconvene on sunday evening. a christmas season storm rolled through the northeast and new england, as the death toll climbed to 16. and lisa jackson announced she's stepping down as administrator of the environmental protection agency. and online, we've got a unique year-in-review of sorts. kwame holman has more. >> holman: science correspondent miles o'brien has had a most interesting 2012....
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the big question is, president obama's increased spending a lot over the past four years. how will he get the revenue from that? is raising tax rates on the so-called rich enough to do it? no, it's not. it doesn't bring in enough money. one the ways he might do it is to squeeze the energy companies a little more. coming up, ceo of southern company, one of the most important guys in the universe will join us right here to say if he expects the big squeeze from the white house. >> i'm david asman with your fox business brief and here east one crisis averted anyway. unions representing dock workers and shippers reached a agreement delaying a strike that could have cripple the u.s. economy. longshoremen and maritime alliance agreed to postpone for 30 days. >>> this would mark the best year for the auto industry since 2007, but experts say the gains made in december could be overshadowed in january because of concerns about the fiscal cliff. >>> the chinese government announcing stiff new rules and requiring users to provide real names to service providers. the move place as gr
the big question is, president obama's increased spending a lot over the past four years. how will he get the revenue from that? is raising tax rates on the so-called rich enough to do it? no, it's not. it doesn't bring in enough money. one the ways he might do it is to squeeze the energy companies a little more. coming up, ceo of southern company, one of the most important guys in the universe will join us right here to say if he expects the big squeeze from the white house. >> i'm david...
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that's when automatic tax hikes and spending cuts go into effect. senate majority leader harry reid says even if something gets done now there may not be enough time to get it through congress. we'll just wait to see what happens. >> we have been waiting a long time. >> i know. >> hopefully the deadline will help. >>> we have a big holiday weekend and a wee bit of rain. >> that's this afternoon the right now it's cold. that's what we'll focus on in the meantime. cold temperatures are dipping below freezing now. look at fairfield, that's just dropped to 31 degrees. some people scraping some frost off their windshields this morning. 39 in vallejo. 35 santa rosa. so all that blue tells us it's chilly. and unfortunately by this afternoon, well, i guess it's fortunately if you like the cold weather, but it is going to be slightly cooler today than yesterday. a lot of low 50s. 52 santa rosa. only 50 in fairfield. a little more mild around the bay, 54 in oakland and fremont. as frank just mentioned, the rain, light rain set to hit the bay area friday after
that's when automatic tax hikes and spending cuts go into effect. senate majority leader harry reid says even if something gets done now there may not be enough time to get it through congress. we'll just wait to see what happens. >> we have been waiting a long time. >> i know. >> hopefully the deadline will help. >>> we have a big holiday weekend and a wee bit of rain. >> that's this afternoon the right now it's cold. that's what we'll focus on in the meantime....
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he said 800 billion is what he said during the election. >> and 6 trillion. >> yeah. >> spending is not the problem. >> no, i agree with you. >> i'm sorry. >> revenue is not the problem. >> yeah. >> it's been a long week, hasn't it? >> good luck on sunday, let's see what happens and we'll have you back afterward and see what's going on. >> let's get the market reaction. eamon hinted at this, and capital growth management and brian kelly, the co-founder of shelter harbor capital. can we bring up that chart again, guys so people can understand what happened today? we are showing you a one-day chart of both the dow, all three, the dow, the nasdaq and the s&p. this is a one-day chart. so harry reid comes out and says, folks, we are going off the cliff and the markets start to tumble and tumble and tumble and tumble and then 3:00 in the afternoon you see the sharp rise up and the house is coming back the in the session on sunday night to do something. we don't know what and the markets managed to get back to flat. so ken heebner, the market seemed to care about the deal getting done. is it g
he said 800 billion is what he said during the election. >> and 6 trillion. >> yeah. >> spending is not the problem. >> no, i agree with you. >> i'm sorry. >> revenue is not the problem. >> yeah. >> it's been a long week, hasn't it? >> good luck on sunday, let's see what happens and we'll have you back afterward and see what's going on. >> let's get the market reaction. eamon hinted at this, and capital growth management and brian...
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the deadline for across the board tax increases and deep spending cuts is just four days away. president obama is scheduled to meet with congressional leaders at the white house this afternoon. senate majority leader harry reid says the likelihood of reaching a deal is a long shot. but senator charles schumer told the "today" show that the odds are better than people think. if a deal were to pass, senate house speaker john boehner would have to agree to take it to the floor of the republican controlled house. danielle nottingham has more. >> reporter: president obama is meeting today at the white house with top congressional democrats harry reid and nancy pelosi and leading republicans mitch mcconnell and john boehner. it's the president's first meeting with congressional leaders since november 16th. the closed door discussions are an attempt to reach a last- minute agreement to avoid automatic spending cuts and tax increases due to kick in on january 1st. >> probably the worst case scenario will come out of this maybe today and -- meeting today and that is we will kick the can
the deadline for across the board tax increases and deep spending cuts is just four days away. president obama is scheduled to meet with congressional leaders at the white house this afternoon. senate majority leader harry reid says the likelihood of reaching a deal is a long shot. but senator charles schumer told the "today" show that the odds are better than people think. if a deal were to pass, senate house speaker john boehner would have to agree to take it to the floor of the...
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and don't forget, these are the bush-obama tax cuts. all the president needs to do is actually propose some spending cuts. i think with geithner's admission that the debt ceiling will be burst through on december 31st clearly shows it's a problem. it's time to cut spending, not for now but future generations that have to pay this off. >> it seems to me, congressman gohmert, the bush tax cuts have been law since 2001-2003. it seems if the president doesn't want to go over the fiscal cliff, you guys pass the bill, harry reid could do something he hasn't done in over three years, pass it in the senate, give it to the president, and nobody's taxes are going to go up, crisis averred and then they can spend team after the new year negotiating tax reform, entitlement reform, living within our means. why don't they just do that? >> well, they could, but they want to demonize the house. they want to pontiff indicate without actually doing anything in the way of legislating. sean, if you look back at the history, the deficit ceiling bill back a y
and don't forget, these are the bush-obama tax cuts. all the president needs to do is actually propose some spending cuts. i think with geithner's admission that the debt ceiling will be burst through on december 31st clearly shows it's a problem. it's time to cut spending, not for now but future generations that have to pay this off. >> it seems to me, congressman gohmert, the bush tax cuts have been law since 2001-2003. it seems if the president doesn't want to go over the fiscal cliff,...
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stock futures headed south as the white house stages that last-ditch effort on taxes and spending. erica ferrari of cbsmoneywatch.com joins us now with an early check on your dollars. good morning. >> reporter: good morning. asian markets guilty a boost on word president obama will meet congressional leaders again today to try to hammer together a last-minute plan to avoid the so-called "fiscal cliff." tokyo's nikkei gained nearly 1%. hong kong's hang seng added .25%. >>> news of more budget talks sent wall street on a roller coaster ride thursday. stocks ultimately ended the session lower for a fourth consecutive day. the dow lost 18 points. the nasdaq was down 4. >>> the clock is ticking until lawmakers' monday night deadline and still no "fiscal cliff" deal is in sight. sunday the house has been called to an unusual session just in case an agreement is not reached. >>> a new report suggests the looming "fiscal cliff" is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday its consumer price index fell sharply in december for the sec
stock futures headed south as the white house stages that last-ditch effort on taxes and spending. erica ferrari of cbsmoneywatch.com joins us now with an early check on your dollars. good morning. >> reporter: good morning. asian markets guilty a boost on word president obama will meet congressional leaders again today to try to hammer together a last-minute plan to avoid the so-called "fiscal cliff." tokyo's nikkei gained nearly 1%. hong kong's hang seng added .25%....
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president obama has cut short his holiday to revive the talks. >> if we go over this cliff, the house of representative with four days left are not here with the speaker having told him that he will have 458 hours' notice. i cannot imagine their conscience out there wherever they are around the country and we are trying to get something done. >> why is the american economy teetering on the edge of the cliffs? these are some of the things that president obama is trying to prevent with the return to the lighthouse. an employment has fallen to a four year low and currently stands at 7.7%. no deal could mean 2.1 million jobs disappearing parent to it would equate to a contraction of 1.5% in the value of all goods and services america producers meaning less money to afraid with the rest of the world. as far as the republicans concerned, there is that we will not give you a blank check. >> mitch mcconnell, the republican leader in the senate, said that he thought there was still time to avert what he called a budgetary fiscal crisis on tuesday the 31st. all of these attacks increases and sp
president obama has cut short his holiday to revive the talks. >> if we go over this cliff, the house of representative with four days left are not here with the speaker having told him that he will have 458 hours' notice. i cannot imagine their conscience out there wherever they are around the country and we are trying to get something done. >> why is the american economy teetering on the edge of the cliffs? these are some of the things that president obama is trying to prevent...
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in just four days across-the-board spending cuts take effect. >>> if president obama and congress fails to reach an agreement the price of milk could lead sharply. perhaps $6 per gallon. at issue is the farm bill and how much the federal government pays farmers. john blackstone reports. >> who wants milk? >> me. >> me. >> me. >> reporter: with four children the rasmussen family in california drinks about five gallons a week on milk. if congress doesn't pass the bill, i would cost him $106. that has dad sean rasmussen worried. >> they have to have their milk. we might have to cut elsewhere. >> reporter: without new legislation government prices revert back to 1939 levels. back then the process was more laborious and farmers needed a higher subsidy to cover their costs. dan sumner says the new price of milk would be far above what it now costs dairy farmers to produce it. >> it really will be chaos. >> reporter: so we would go back to this old farm bill which would force the government to buy milk at an extremely high price. >> that's right. >> reporter: this could be a windfall for dairy
in just four days across-the-board spending cuts take effect. >>> if president obama and congress fails to reach an agreement the price of milk could lead sharply. perhaps $6 per gallon. at issue is the farm bill and how much the federal government pays farmers. john blackstone reports. >> who wants milk? >> me. >> me. >> me. >> reporter: with four children the rasmussen family in california drinks about five gallons a week on milk. if congress doesn't...
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obama to suggest i've cut a trillion in spending because he saved money on the wars in afghanistan is gimmicks. they a work. >> i have to be honest, it's both sides. it strikes me these lawmakers on either side don't have a real fix to what we're looking at, the national debt, screaming out of control. we're going to exceed that limit on monday night. >> i wouldn't disagree but look at the facts. we did have a republican controlled congress that passed a bill. if reid didn't like the bill, let it go for debate. let his senate vote it down and say no, we're not going to accept these conditions. >> let me ask you this, then. interesting question. president obama gets his own deal, sends it over to the republicans, they have the same dilemma. >> well, they may. but i think you would at least see a fair dee beat. look, i think the average american realizes we have to cut spending. you know the numbers. >> craig, i have to ask you -- i have to stop you. i don't think they do. we ran a package yesterday, we sent the producer out on the street, showed people how much more they would pay in t
obama to suggest i've cut a trillion in spending because he saved money on the wars in afghanistan is gimmicks. they a work. >> i have to be honest, it's both sides. it strikes me these lawmakers on either side don't have a real fix to what we're looking at, the national debt, screaming out of control. we're going to exceed that limit on monday night. >> i wouldn't disagree but look at the facts. we did have a republican controlled congress that passed a bill. if reid didn't like...
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economists hope they'll come up with a plan to avoid automatic tax increases and government spending cuts. some fear the meet as good just for show, however a big development with the senate minority leader. he spoke directly with the president for the first time in negotiations. >> i told the president we would be happy to look at whatever he proposes but the truth is we're coming up against a hard dead line here and as i said, this is a conversation we should have had months ago. >> the main sticking point is who should pay more in taxes. democrats want a hike on households making more than $400,000 a year and republican aids say their leaders might get on board with that offer. >>> meanwhile if they aren't able to avoid the fiscal cliff people here in alabama will be especially hard hit. that's because prop 30 will soon mean higher sales taxes and higher income taxes on the state's top earners, the fiscal cliff would add to that hitting all american with higher taxes. >> i don't know if there's a word to describe how upset the public is going to be. nobody's going to be happy to s
economists hope they'll come up with a plan to avoid automatic tax increases and government spending cuts. some fear the meet as good just for show, however a big development with the senate minority leader. he spoke directly with the president for the first time in negotiations. >> i told the president we would be happy to look at whatever he proposes but the truth is we're coming up against a hard dead line here and as i said, this is a conversation we should have had months ago....
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president obama and congressional leaders will meet this afternoon at the white house in a last-ditch effort to avoid a self-inflicted fiscal calamity. this is the first meeting between the power plays in six weeks. if they can't work out some kind of agreement automatic tax hikes and spending cuts will go into affected new year's day, which will impact most americans and will put the nation back into recession. >> we are coming up against a hard deadline. >> at today's meeting, president obama will push for a stop gap measure, a small deal that will at least prevent tax increases for those earning $250,000 or less. but even that seems unlikely. >> the american people have a right to be very upset with this congress. >> publicly, both sides have ratcheted up rhetoric, pointing the finger. >> john boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> the only reason why democrats have been trying to defect -- deflect attention over the past few weeks is they did not have a plan of their own. >> the path for the rest in the hands
president obama and congressional leaders will meet this afternoon at the white house in a last-ditch effort to avoid a self-inflicted fiscal calamity. this is the first meeting between the power plays in six weeks. if they can't work out some kind of agreement automatic tax hikes and spending cuts will go into affected new year's day, which will impact most americans and will put the nation back into recession. >> we are coming up against a hard deadline. >> at today's meeting,...
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spending cuts could also be canceled. ahead of those talks, plenty of blame is being spread around already. >> john boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> hopefully there's time for an agreement of some kind. >> speaker john boehner called the house back into session for a highly unusual sunday evening session just in case. >>> an unexpected consequence of the fiscal cliff stalemate could mean sticker shock at your grocery store. milk prices could soon spike to $8 a gallon. wow. congress has been so bogged down with the fiscal cliff, the farm bill is still on the table. if congress does not pass it, dairy subsidies would immediately end on january 1, and those subsidies have been keeping milk prices low for 63 years. >>> the price of curbside parking in chicago is going up january 1. parking meters will charge $6.50 an hour in the downtown area. chicago will have the highest parking meter rates in the country, staking the dubious distinction aw f from
spending cuts could also be canceled. ahead of those talks, plenty of blame is being spread around already. >> john boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> hopefully there's time for an agreement of some kind. >> speaker john boehner called the house back into session for a highly unusual sunday evening session just in case. >>> an unexpected consequence of the fiscal cliff stalemate could mean...
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tax increases and spending caps set to take effect january. the president is set -- set to meet with house and senate majority leader's for the first time since november. this comes after the partisan bickering with democrats and republicans blaming each other for failing to reach a deal. this morning the nation is remembering retired general norman schwarzkopf, who died thursday of complications from pneumonia. he is known for leading allied forces in the 1991 gulf war walk caption during -- capturing the public imagination. >> norman schwarzkopf a little- known u.s. army general looking to retirement. then saddam hussein invaded kuwait and norman became a household name. he turned into the face of the u.s.-led counterattack called youoperation desert storm. >> let me put it this -- it will take as long as it takes for a iraqis to get out of kuwait and the united nations resolution to be enforced. >> the campaign culminated in a massive ground offensive, routing the iraqis in 100 hours. >> the navy has been told to get out of the war complete
tax increases and spending caps set to take effect january. the president is set -- set to meet with house and senate majority leader's for the first time since november. this comes after the partisan bickering with democrats and republicans blaming each other for failing to reach a deal. this morning the nation is remembering retired general norman schwarzkopf, who died thursday of complications from pneumonia. he is known for leading allied forces in the 1991 gulf war walk caption during --...
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and spending cuts from kicking in. they only have four days to reach an agreement or the u.s. economy will go over the so- called fiscal cliff. that's when automatic tax increases and spending cuts would take effect. reaching a deal before then what be easy. right now both sides are involved in a high-stakes political blame game. >> we in washington are working while the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. >> i told the president i would be happy to look at whatever he proposes but the truth is we're coming against a hard deadline here. i said this is a conversation we should have had months ago. >> former president george h. w. bush is still in intensive care at a hospital in houston with a stubborn fever. the family is, that he will be out of the i see you sound. the chief of staff said supporters a note yesterday including " he would ask me to tell you please put the sharks back in the closet " the 88 ye
and spending cuts from kicking in. they only have four days to reach an agreement or the u.s. economy will go over the so- called fiscal cliff. that's when automatic tax increases and spending cuts would take effect. reaching a deal before then what be easy. right now both sides are involved in a high-stakes political blame game. >> we in washington are working while the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds...
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though president obama has signaled that he would up that to $400,000 a year in a compromised deal. republicans though, have rejected any tax increases, despite house speaker boehner's proposal to increase taxes on those people earning more than a million. not much has really changed before christmas. we'll see if the meeting today will change any of that. back to you. >> sherri ly reporting, thank you. >>> making headlines overseas this morning, rebels are closing in on the capitol and the u.s. is closing our embassy there. the state department is ordering the american ambassador and all his staff to leave immediately. rebels took 10 more towns in the last couple of days. air force cargo plane evacuated 40 americans overnight. and the u.s. is telling all american citizens in the central african republic to get out now. >>> in russia, president vladimir putin signed a bill banning americans from adopting russian children. the law is reportedly in retaliation for a new law in the u.s. that calls for sanctions against russian officials for human rights abuses. it takes effect january
though president obama has signaled that he would up that to $400,000 a year in a compromised deal. republicans though, have rejected any tax increases, despite house speaker boehner's proposal to increase taxes on those people earning more than a million. not much has really changed before christmas. we'll see if the meeting today will change any of that. back to you. >> sherri ly reporting, thank you. >>> making headlines overseas this morning, rebels are closing in on the...
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president obama and congressional leaders are meeting at the white house right now trying to figure out a way to avoid it. negotiation have been under way for about an hour. steve handelsman joins us. so far no deal? >> i'm checking. so far the meeting continues, which could be a bad sign, can it? sources here on the hill say in today's meeting president obama planned to be kind of tough, figuring that he has gotten the advantage back to the extent anybody has the advantage this close to the cliff and that he'll push hi original demand, the tack rates rise on income over a quarter million dollars. it's a positive sign, the first meeting since mid-november of the four congressional leaders, democrats and republicans at the white house. called by president obama, house speaker jane boehner, the key figure. >> the fact that he's come back and the four of them are at the table means to me we could come up with some kind of agreement. >> reporter: both sides want a deal to avoid tax hikes that could cost middle-class families $2400. if that rate lasts all of next year. the hangup is still ta
president obama and congressional leaders are meeting at the white house right now trying to figure out a way to avoid it. negotiation have been under way for about an hour. steve handelsman joins us. so far no deal? >> i'm checking. so far the meeting continues, which could be a bad sign, can it? sources here on the hill say in today's meeting president obama planned to be kind of tough, figuring that he has gotten the advantage back to the extent anybody has the advantage this close to...
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the talks are a last-ditch effort to avoid spending cuts and tax hikes from 90% of american households. mike emanuel is live on capitol hill where all the action is taking place. is there a lot of action? there is a lot of buzz on capitol hill. mitch mcconnell, who will be attending a white house meeting told us a few moments ago that we are always the running out of time. chairman max baucus, the democrat says that he thinks this will fiscal cliff matter comes down as one white house meeting two hours from now. another top senate republican said a short time ago that he was calling on president obama to lead. >> the president is not a senator anymore. he's a president. just as president reagan worked to deal with tip o'neill and bill clinton and president eisenhower, we need leadership on not just taxing rich people, but we contact them and it wouldn't help the medicare fiscal cliff. greg: others are skeptical, noting that high-profile meetings are for show often times and all about tactics. we expect the president will try a stopgap measure extending middle-class tax rates, extending
the talks are a last-ditch effort to avoid spending cuts and tax hikes from 90% of american households. mike emanuel is live on capitol hill where all the action is taking place. is there a lot of action? there is a lot of buzz on capitol hill. mitch mcconnell, who will be attending a white house meeting told us a few moments ago that we are always the running out of time. chairman max baucus, the democrat says that he thinks this will fiscal cliff matter comes down as one white house meeting...
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. >> reporter: with no deal spending will be slashed and taxes will go of it could spark another recession. with this deadline approaching president obama and the senate will return and speak on sunday. >> certainly there is still time. >> reporter: point is still texas the want to extend the bush assured taxes except for the time making to water vicki thousand dollars per year ordered the sticking- point is still boyish-direct taxe bush-era of texas taxes >> and. nobody wants. to really work they just want to play the name game. >> putting over the edge that the scenario is allowing tax increases to take effect and on january 3rd, the lawmakers are going to be able to cut taxes. elisabeth corridon.. awarding. >> both obama and the senate returned to washington today after a christmas break. house leaders announced the chamber would reconvene sunday and possibly stay in session until a new congress is sworn in january third. someone hacked into her the san francisco muni service will be free this friday to celebrate muni's 100 years of service. and 100 years of customer support. all buses.
. >> reporter: with no deal spending will be slashed and taxes will go of it could spark another recession. with this deadline approaching president obama and the senate will return and speak on sunday. >> certainly there is still time. >> reporter: point is still texas the want to extend the bush assured taxes except for the time making to water vicki thousand dollars per year ordered the sticking- point is still boyish-direct taxe bush-era of texas taxes >> and. nobody...
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the closed-door meeting was an attempt to avoid the automatic tax hikes and spending cuts set to king at the start of the new year. >> we had a constructive meeting today. senator reid and senator mcconnell are discussing a potential agreement where we could get a bipartisan bill out. >> reporter: at the present time reminded lawmakers thers
the closed-door meeting was an attempt to avoid the automatic tax hikes and spending cuts set to king at the start of the new year. >> we had a constructive meeting today. senator reid and senator mcconnell are discussing a potential agreement where we could get a bipartisan bill out. >> reporter: at the present time reminded lawmakers thers
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months when it comes to the deficit. $100 billion more person month that we spend over what we take in. you have to have bigger cuts on the table to get republicans to come along. >> we're only paying for 40% of what we spend today. it's interesting to see and what the futures are doing right now. very thinly traded at this hour on a friday evening it would be interesting to see and what they signal in terms of where we stand, now that we've heard from the president and some sort of modest optimism from both leader reid and minority leader mitch mcconnell. >> tyler, we want to go back to eamon javers. >> you just said when will we hear now from the president again? nbc news is tweeting that barack obama will appear as a guest on "meet the press" this weekend. when we will hear from the president again will be sunday morning. something to watch out for over the weekend. presumably, we'll get incremental details on what this deal is. as this is negotiated throughout friday night, into saturday and the president's appearance into sunday morning. >> president obama to appear on "meet th
months when it comes to the deficit. $100 billion more person month that we spend over what we take in. you have to have bigger cuts on the table to get republicans to come along. >> we're only paying for 40% of what we spend today. it's interesting to see and what the futures are doing right now. very thinly traded at this hour on a friday evening it would be interesting to see and what they signal in terms of where we stand, now that we've heard from the president and some sort of...
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president obama meeting with congressional leaders. that's going to happen this afternoon. i'm going to dream about that tiramisu. what a night, huh? but, um, can the test drive be over now? head back to the dealership? [ male announcer ] it's practically yours. but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a passat. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. >>> we are just four days away from the tax increases and the automatic spending cuts that are going to affect everybody's finances. the president has now called for congressional leaders to come to the white house in search of a last-minute deal to avoid the so-called fiscal cliff, right? the president and the vice president, they're going to meet with house speaker john boehner, minority leader nancy pelosi, senate majority harry reid and minority leader mitch mcconnell. that is happening this afternoon. jessica yellin is there. jess, what do
president obama meeting with congressional leaders. that's going to happen this afternoon. i'm going to dream about that tiramisu. what a night, huh? but, um, can the test drive be over now? head back to the dealership? [ male announcer ] it's practically yours. but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a passat. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any...